BUSINESS

African leaders on Saturday [15 October] signed a deal to boost security off the continent’s economically crucial coasts, hoping to shore up development by tackling maritime crimes like piracy and smuggling. Congolese President Denis Sassou Nguesso hailed the African Union agreement as “historic”, while Kenya’s President Uhuru Kenyatta said it showed Africa’s ability to put together a continent-wide strategy. Sassou …

During an official state visit to Germany, President Muhammadu Buhari called for closer economic ties. But faced with an economic downturn in Nigeria, German companies point to major hurdles to investment, reports Naomi Conrad. In the end, it took two attempts: As Chancellor Angela Merkel struggled to pronounce Muhammadu Buhari’s name at a joint press conference in Berlin, the Nigerian …

Amid the gloom of recession and a tightening of belts in the homeland, Nigerian academics, business people and other professionals met with German companies to discuss ways of forging ahead in Hamburg, reports Michael Nnaji. Nigerians living in Germany gathered in the port city of Hamburg recently to parley on what the great Nigerian writer Chinua Achebe once described as …

A $3.4 billion Chinese-built railway linking the Ethiopian capital Addis Ababa and the port city of Djibouti has opened, a boost to both African countries’ economies and an important milestone for Chinese investments in Africa. The new 750-km line, which completely replaces a long-defunct French line built in the early 20th century, will reduce travel time between the two cities …

HomeSend and the Commercial Bank of Ethiopia (CBE) have announced a new remittance service that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country. Launched in 2014, HomeSend is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send …

Leading global money transfer company expands service further in Africa

The United States Chamber of Commerce and the Bloomberg Philanthropies co-hosted the US-Africa Business Forum in New York on 21 September. The forum played host to African business and political leaders and their American counterparts. Development in Africa is really shaping up, as more trade partnerships are being made with several global investors and stakeholders towards evolving the continent’s image, …

The president of the Nigerians in Diaspora Organisation (NIDO) Germany, Kenneth Gbandi, has called on his compatriots to turn out in large numbers at the forthcoming 4th Nigerian Business & Investment Summit scheduled for 30 September and 1 October in Hamburg. The event, part of the activities of the NIDO Germany Day 2016 to mark Nigeria’s 56th independence celebrations, will …

Cologne-based business lawyer Christophe Kabambe accompanied a German business delegation on an exploratory visit to the Congolese city of Lubumbashi. He reports on the revelations of the journey. A delegation of German businessmen recently visited the city of Lubumbashi in the deep south of the Democratic Republic of Congo (DRC) in June. Lubumbashi, with an estimated population of more than …

The German chapter of the Nigerians In Diaspora Organization (NIDO) will hold its annual summit in Hamburg on 30 September-1 October. The event will feature a business conference and an award ceremony. The 4th Nigerian Business & Investment Summit is dedicated to discussions on the necessity for, and opportunities in, the diversification of the Nigerian economy, which is currently experiencing …

Koroma woos foreign investors for post-Ebola growth Sierra Leone is still counting the costs of the Ebola epidemic, not least on its economy which contracted in 2014 and 2015, after several years of solid growth. Now the West African country is trying to woo back investors and attract new ones. Though Sierra Leone has been declared free of the dreaded …

Sequel to the decision of the Central Bank of Nigeria (CBN) allowing only three companies to offer money transfer services to the country, MoneyGram International, Inc. has announced a renewed commitment to its operations in Nigeria. The CBN decision, announced on 2 August, named Western Union, MoneyGram and Ria as the only officially licensed providers of remittance services to Nigeria. …

One study has found that entrepreneurs with foreign backgrounds in Germany have created around 1.3 million jobs in Germany. The study said the cliché of migrants owning Dönner shops and kiosks does not reflect reality. The number of business-owners with migrant roots and the people they employ has risen in Germany, according to a Bertelsmann Foundation study released recently. “We …

Afrika-Verein demands more action from the German government as Uganda’s President Museveni makes case for investing in Africa. The federal government must do more to encourage a greater engagement of German companies in Africa, demanded Dr Stefan Liebing, chairman of Afrika-Verein, at this year’s German Africa Business Day in Berlin. He called for the removal of hurdles preventing German companies …

How Africa can learn from Germany’s successful ongoing transition to renewable energy was the theme of the 10th German-African Energy Forum, which took place recently in Hamburg, reports Femi Awoniyi. Willi Meixner, chief executive of the Power and Gas Division of Siemens AG, has advised African countries to focus on creating an encouraging regulatory environment if they are to attract …

A number of leading Russian companies plan to invest US$4.6 billion to create an industrial zone next to the Suez Canal by 2035, Lenta.ru cites the Russian Trade Ministry in a new report. Most of the money will come from private investors. Russian companies Kamaz, GAZ, UAZ, Transmashholding, Gazprom Neft, Tatneft, Inter RAO and others will be part of the …

As part of the massive expansion of its operations in Germany, the global CEO of the worldwide operating money transfer provider MoneyGram, Alex Holmes, was in Frankfurt recently to open the company’s new head office in Germany. The occasion provided opportunity to talk about money transfer in a time of refugee crisis and the social responsibility of operators in the …

The UK Authorities charged with enforcing the EU timber regulations (EUTR), have taken action against 14 UK importers sourcing timber from Cameroon linked to illegal logging.[1] Green Peace Press Release This news was presented at a Chatham House meeting in London on June 16, following comparable action by the Netherlands in early March, demonstrating that timber from Cameroon is coming …

Remittance business undergoes silent revolution Before Western Union started offering money transfer services to Africa in 1995, the first company to do so, it used to take weeks if not months to find somebody travelling home to take the envelope along. And the brave ones among us who hid money in mails were often unlucky after post office workers in …

At the end of his three-nation African trip in June, Pranab Mukherjee, the Indian President, said: “We have, through these visits, conveyed the message that India takes its engagement with Africa seriously and intends to follow up with determination on the announcements made at the India-Africa Forum Summit. India is committed to further consolidate our cooperation with all African countries.” …